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China's State-Owned Enterprises in the First Reform Decade: An Analysis of a Declining Monopsony

We study the evolution of employment and wage outcomes in Chinese SOEs during the first decade of economic reforms, using a panel of data for almost 1000 enterprises covering the years 1980-90. Unlike the 1990s, which were marked by growing labor redundancy in the SOE sector, we find that CPE-foster... Full description

Journal Title: Economic change and restructuring 2002, Vol.35 (2), p.109-39
Main Author: Putterman, Louis
Other Authors: Dong, Xiao-yuan
Format: Electronic Article Electronic Article
Language: English
Subjects:
Quelle: Alma/SFX Local Collection
Publisher: Dordrecht: Springer
ID: ISSN: 0013-0451
Link: http://econpapers.repec.org/article/kapecopln/v_3a35_3ay_3a2002_3ai_3a2_3ap_3a109-39.htm
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title: China's State-Owned Enterprises in the First Reform Decade: An Analysis of a Declining Monopsony
format: Article
creator:
  • Putterman, Louis
  • Dong, Xiao-yuan
subjects:
  • Analysis
  • China
  • Compensation
  • Compensation and benefits
  • Competition
  • Economic development
  • Economic models
  • Economic reform
  • Economic theory
  • Economics
  • Employment
  • Enterprises
  • Evolution
  • Government holding companies
  • History
  • Human resource management
  • Industrial production
  • Job creation
  • Labor market
  • Monopsonies
  • Monopsony
  • Ownership
  • Profits
  • Public enterprise
  • Studies
  • Transition economies
  • Wages
  • Wages & salaries
ispartof: Economic change and restructuring, 2002, Vol.35 (2), p.109-39
description: We study the evolution of employment and wage outcomes in Chinese SOEs during the first decade of economic reforms, using a panel of data for almost 1000 enterprises covering the years 1980-90. Unlike the 1990s, which were marked by growing labor redundancy in the SOE sector, we find that CPE-fostered capital-intensity remained so extreme during the 1980s that workers' marginal products exceeded their full wages, just as in a classical monopsony outcome. Consistent with reasoning about the impact of competition upon monopsony, however, we find the marginal product-wage gap declined in the face of market-oriented reforms, and that monopsony was weakest where the state sector's shares of industrial output and enterprises were lowest, and for smaller enterprises and enterprises managed by lower levels of government. Our analysis also supports Xu and Zhuang's (1996) finding that bonus payments increased enterprises' revenues by more than it did their costs. Copyright 2002 by Kluwer Academic Publishers
language: eng
source: Alma/SFX Local Collection
identifier: ISSN: 0013-0451
fulltext: fulltext
issn:
  • 0013-0451
  • 1573-0808
  • 1574-0277
url: Link


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descriptionWe study the evolution of employment and wage outcomes in Chinese SOEs during the first decade of economic reforms, using a panel of data for almost 1000 enterprises covering the years 1980-90. Unlike the 1990s, which were marked by growing labor redundancy in the SOE sector, we find that CPE-fostered capital-intensity remained so extreme during the 1980s that workers' marginal products exceeded their full wages, just as in a classical monopsony outcome. Consistent with reasoning about the impact of competition upon monopsony, however, we find the marginal product-wage gap declined in the face of market-oriented reforms, and that monopsony was weakest where the state sector's shares of industrial output and enterprises were lowest, and for smaller enterprises and enterprises managed by lower levels of government. Our analysis also supports Xu and Zhuang's (1996) finding that bonus payments increased enterprises' revenues by more than it did their costs. Copyright 2002 by Kluwer Academic Publishers
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subjectAnalysis ; China ; Compensation ; Compensation and benefits ; Competition ; Economic development ; Economic models ; Economic reform ; Economic theory ; Economics ; Employment ; Enterprises ; Evolution ; Government holding companies ; History ; Human resource management ; Industrial production ; Job creation ; Labor market ; Monopsonies ; Monopsony ; Ownership ; Profits ; Public enterprise ; Studies ; Transition economies ; Wages ; Wages & salaries
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abstractWe study the evolution of employment and wage outcomes in Chinese SOEs during the first decade of economic reforms, using a panel of data for almost 1000 enterprises covering the years 1980-90. Unlike the 1990s, which were marked by growing labor redundancy in the SOE sector, we find that CPE-fostered capital-intensity remained so extreme during the 1980s that workers' marginal products exceeded their full wages, just as in a classical monopsony outcome. Consistent with reasoning about the impact of competition upon monopsony, however, we find the marginal product-wage gap declined in the face of market-oriented reforms, and that monopsony was weakest where the state sector's shares of industrial output and enterprises were lowest, and for smaller enterprises and enterprises managed by lower levels of government. Our analysis also supports Xu and Zhuang's (1996) finding that bonus payments increased enterprises' revenues by more than it did their costs. Copyright 2002 by Kluwer Academic Publishers
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doi10.1023/A:1020137529522